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The "law of diminishing returns" is fundamental to the cost curves of the firm. As we add more of one resource (labor) to a fixed amount of another (capital), our marginal improvement in output quickly begins to diminish. The same ‘principle' can be seen in many things.
1. Apply the "law of diminishing returns" to your studying for a Micro exam. Draw a curve with study time on the horizontal axis and score on the vertical axis. Plot your estimated results with zero studying and with increments of 30 minutes of study. Where are you normally on that curve? Why?
2. Apply the idea of "diminishing returns" to another area of your life, or society. Be creative but logical. Don't confuse diminishing utility (satisfaction) with returns (performance, outcome)
3. Take a look at these two graphs. Could diminishing returns play a role? Explain. https://mercatus.org/publication/k-12-spending-student-oecd
https://www.cato-at-liberty.org/public-school-spending-theres-a-chart-for-that/
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